How to Avoid a Fast Home Offer Scam

Buying your home for cash is a popular option for sellers looking to sell their property fast. It can be a great way to get an immediate sale at a fair price, but it also comes with a lot of risks and pitfalls. If you want to avoid a fast home offer scam, there are some important things that you should know.

Firstly, you should make sure that the cash buyer is legitimate. Reputable companies will only make offers if they are interested in your property and are able to complete the transaction. If they aren’t able to do that, they are most likely not a legitimate company and you should walk away.

You should also ensure that the buyer isn’t phishing for your personal information. Phishing is a method that criminals use to steal your information and then use it for identity theft. This can include stealing your bank account details, passwords and credit card numbers.

If you receive a suspicious email from a cash buyer, it may be a sign that the buyer is phishing for your personal information. If you aren’t sure whether or not the email is a scam, you can look up the person’s background online to see if they are reputable. Click here

Another red flag is if the cash buyer asks for money upfront in any amount before closing on your home. This is not only a serious scam, but it is also an indication that the buyer isn’t serious about buying your house for cash.

A good cash buyer will never require any money upfront or ask for any kind of payment before they buy your house. This is because they are coming to you with cash in hand and they don’t need to pay any real estate fees or commissions.

Secondly, if the cash buyer is unable to provide you with a proper surveyor’s valuation for your property, it’s a sign that they aren’t a reputable cash buyer and you should walk away. This is especially true if the buyer is quoting you an inflated surveyor’s valuation in the first place.

This is a common scam amongst “we buy any home” companies. They will often make you a verbal offer, but then insist that you pay an inflated price for their surveyor’s valuation (anywhere from PS200-PS600) before they’ll put the offer in writing. This is a huge loophole in the system and can mean that these types of companies can pocket a large sum of money before you even have a chance to accept their offer. Read more

These phony offers will also often be made to people who are currently in the process of selling their home, or those who have a foreclosure on their record. This is because the fraudsters can get hold of the owner’s information through public real estate records, such as a foreclosed home or a property that has been repossessed.

If you are unsure about whether the cash buyer you are dealing with is legitimate, it’s a good idea to contact the Better Business Bureau and find out more. These agencies have resources to help you find a reputable company and will also be able to protect you from any problems with them in the future.